By John Reed Stark (September 21, 2021, 12:56 PM EDT) — Coinbase dodged a bullet when it stopped its Lend program dead in its tracks, giving up its fight against the U.S. Securities and Exchange Commission.[1]
The spat started when high-flying media darling Coinbase — a popular, and now publicly traded, crypto trading platform — began marketing a cryptocurrency product called Lend. The Lend program purportedly planned to allow some Coinbase customers to earn interest on certain assets on Coinbase, starting with 4% annually on USD Coin, or USDC.[2]
U.S. regulators have raised concerns about these kinds of programs, including that the products are securities that require state and federal registration….
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